We are living in a macro context that has already deteriorated considerably (inflation, energy and food crisis, threat of a great war), followed by monkeypox.
Since plunging to 25,424 on May 12 and then bouncing above 30,000 last week, Bitcoin has been traveling sideways, within a covered range of 28,600 to 31,210. If you look at the chart of the main cryptocurrency in this period, you immediately understand what I am talking about. Within this range there are a few levels to note. First, there is a very clearly defined double bottom taking place just above 28,600 from the lows of 28,603 (May 14) and 28,616 (May 19). Also, more recently, there has been a series of tops at just over 30,500. Indeed, it was this level that more or less closed the upside on Friday in European and US trading. The drop below 30,000 on Friday night had to do with the collapse of US equities and increased risk aversion. This resulted in a drop to 28.705. It has understandably gone up since then. However, the weekend range did not allow for gaining ground in either direction. Since the US close on Friday, BTC has been trading in a covered range of 28.705 and 30.449. The maximum of this interval was set previously. The high of this range was set today. The stochastic rsi appears to be looking for a rebound.
As usual, I report the weekly levels to be observed and the levels for intraday trading:
For the interpretation of the levels and the construction of the excel sheet that I always publish, and my trading method, you can consult the book in Italian and English: https://www.amazon.it/dp/B09QRXJCDQ https://www.amazon.com/dp/B09RHH9PVH
To buy only the excel sheets contact me: [email protected]
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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHER ADVICE.
Graphic: tradingview.com
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